It is almost a guarantee that at some point during you renovation process, there WILL BE a time when you run into something that needs to be done that was not on the original bid. Do not be scared. A simple change order can fix this issue(s) when it does arise.

On all Reno Loan projects the lenders will force the borrower to borrow an additional 10,15, 20, or 25 percent of the total project cost in order to tackle these issues. For example: $50,000 project with 10% Reserve Fee would require a $5,000 borrow amount for "JUST IN CASE."

The percentage is determined by a handful of items.

- were utilities on during the inspection visit?

- was the consultant able to tour and "see" the entire home?

- do we expect additional issues but can not confirm without damaging the home?

These funds can also be used for upgrades! Maybe you needed a little bit more in order to afford your upgrades appliances? Maybe you wanted glass door on your shower? There are endless upgrade options!

Just know, ALL projects WILL have change orders but the Reserve Fund is sitting there to help!

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